Now Is The Time To Invest In Northern Michigan Real Estate Rentals
by Brook Walsh
on Saturday, October 15th, 2016 at 8:02pm.
The Tourist and Lifestyle Investor On The Housing Market
Intuitively, we might think an increasing population will lead to real estate rates to rise. More people means a higher demand for places to live, suggesting the value of homes should increase. While this certainly can happen, it isn't always necessarily the case. Population growth isn't the only factor at play. A dynamic cocktail of interest rates, the economy, government policies, and other unpredictable factors all work together to influence housing prices.
Regardless of whether Northern Michigan real estate rates skyrocket or stay the same, with an influx of tourists and lifestyle vacations, it might be a good time to invest in a rental property and its many benefits. While you may have to borrow money from the bank to purchase the place, in most cases, the rent you collect from your tenant will cover the cost of the monthly mortgage payment. Until one day, you own the place outright and are making a monthly profit off of your initial investment.
Where to Buy Rental Properties in Northern Michigan
Rental properties are a business venture, and they can be a fairly reliable one, given you choose a location that is likely to stay in demand.
Certain regions, like Northern Michigan, will always be popular. Right now, the condos at the heart of the tourist and investment activity, sell for anywhere between $200,000 and $1,000,000. Given the world-class lakes and resorts, Northern Michigan homes and their value are only likely to go up as lifestyle vacations increase and real estate investments continue.
Brook Walsh is from Northern Michigan and understands lifestyle based real estate investing which is one of the reasons he's chosen to pursue his dream of helping real estate investors with their home buying needs. Learn more about Brook or start your home search now.